The present government had recently announced a bailout package worth Rs15 billion for the mills.
Speaking during his visit to the Steel Mills, Ashraf assured the release of the bailout package on timely basis. "Nobody will be able to call it a white elephant," he claimed.
Prime Minister said that Zulfikar Ali Bhutto, who had laid the foundation of this important institution at a difficult time, had called it the backbone of Pakistan’s economy. He said he wonders what went wrong that the mills ran into losses.
Promising support despite financial crunch‚ Ashraf said resources will be provided for the overall revival of Steel Mills.
He also expressed confidence in the business plan prepared by its management envisaging enough production to overcome losses.
Crediting Zulfiqar Ali Bhutto for setting up basic infrastructure and industries including the heavy mechanical and electrical complex, Ashraf said these steps were taken to improve national economy and generate job opportunities.
COMMENTS (16)
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more money for corruption.how can an entity run with injustice of the tune that a welder/fitter/machine operator is getting more than Rs50000 in pay scale equivalent to BPS-18 and engineer is getting Rs.15000 only in pay scale equivalent to BPS-17.
@Walayat Malik:
Steel Mills was built by ZAB: he never privatised it. The assets he did privatised have been sold back: most of them at throwaway prices by Musharraf
Hahahahahahaha... ''He 'WONDERS' what went wrong that mills ran into losses''. Haye.. Iss saadgi pe marr na jaye koi.
KESC privatized is way better! - Muhammad Ali Sid! Look at Wapda!!!! don't you remember when KESC was not privatized!!!
Government should privatize all businesses nationalized by ZAB including steel mill. But civil servants won't let it happen.
Atleast PM and CJP think alike on steel mils. This is one reason, why this white elephant will never be allowed to become a cash cow.
Government should get out of the business of running businesses and concentrate on running the country.
"He said he wonders what went wrong that the mills ran into losses." One word "Corruption"
Steel Mills must be privatised in a transparent manner through public bidding not a sham process through which KESC, UBL, HBL, PTCL, NRL, APL and other countless organisations were privatized by Musharraf government for pennies.
It is not the States job to run Steel Mills or even an airline for that matter.
The correct title should be PM Ashraf vows Steel Mills will be lose money for another decade.
I'm not for or against privatisation of sick units but had this entity been privatized even for Rs 20BN in the Musharraf regime, we would not be losing 80BN since then. This is a sick unit, either privatise it or fix it but whatever you do, don't hand it to the likes of Riaz Lalji
Any government entity MUST NOT BE privatized, otherwise the results of the privatization would be similar to what is happening with the consumers of KESC.
When Russia has made an offer to inject US$ 500 into Steel Mills then why the offer was not pursued by the Government of Pakistan?
Needless to point out that Pakistan Steel Mills was made with the technical support and contribution of Russia in 1970s.
The PM has no idea about what he is talking. about.